CFPB Announces New Advisory Board and Council Members

WASHINGTON,
D.C. –
Today the Consumer Financial Protection Bureau (CFPB) announced the appointment
of new consumer experts from outside the federal government to the Consumer
Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council,
and Academic Research Council. The four bodies provide advice to CFPB
leadership on a broad range of consumer financial issues and emerging market
trends.

“The Bureau’s
advisory board and councils play an important role making sure that we are
hearing from a wide array of perspectives in the consumer financial
marketplace,” said CFPB Director Cordray. “The new additions being announced
today are experts in their fields and I look forward to working with all of
them to help consumers.”

The
Dodd-Frank Wall Street Reform and Consumer Protection Act charges the CFPB with
establishing a Consumer Advisory Board to advise and consult with the Bureau’s
Director on a variety of consumer financial issues. At the behest of the
Director, the Bureau also created a Community Bank Advisory Council, a Credit
Union Advisory Council and an Academic Research Council. The Community Bank and
Credit Union Advisory Councils advise and consult with the Bureau on consumer
financial issues related to community banks and credit unions. The Academic
Research Council shares insight relating to research methodologies, data
collection, and analytic strategies. In January 2016, the CFPB issued a Federal
Register Notice outlining the responsibilities of the advisory groups, as well
as the duties of its members, and solicited applications for appointment.

The
newly appointed advisory group members include experts in consumer protection,
financial services, community development, fair lending, civil rights, consumer
financial products or services, representatives of community banks and credit
unions, and scholars with relevant methodological and subject matter
experience. The expertise and institutional-size diversity among advisory group
members reflects the range of issues under the Bureau’s jurisdiction as well as
the racial, ethnic and geographic diversity of U.S. consumers. New members to
the Consumer Advisory Board and Academic Research Council will serve three-year
terms and new members to the Community Bank and Credit Union Advisory Councils
will serve two-year terms.

The Consumer
Financial Protection Bureau is a 21st century agency that helps consumer
finance markets work by making rules more effective, by consistently and fairly
enforcing those rules, and by empowering consumers to take more control over
their economic lives. For more information, visit consumerfinance.gov.